What does Statute mean? Read on to discover the definition & meaning of the term Statute - to help you better understand the language used in insurance policies.
A statute is a declarative policy or law that has been passed by a legislative authority. Statutes proscribe, declare, prohibit, or command something specific in writing. There are many statutes governing the insurance industry to ensure a fair market and protect consumers.
We hope the you have a better understanding of the meaning of Statute.